Noida, July 2 (APAC Media): Indian benchmark equity indices Sensex and Nifty ended higher on Friday, led by gains in information technology and select heavyweight stocks.
The BSE Sensex rose 579 points to close at 77,502, while the NSE Nifty advanced 170 points to settle at 24,176. The Nifty Bank index underperformed the broader market, ending nearly flat, down 1 point at 58,032. Meanwhile, the Nifty Midcap index gained 299 points to finish at 62,308.
Information technology stocks rebounded after three consecutive sessions of losses, with the Nifty IT index closing higher as all its constituents ended in positive territory. ICICI Bank, Infosys, Tata Consultancy Services (TCS), HCLTech, and Tech Mahindra were among the biggest contributors to the Nifty’s gains.
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Lower crude prices improved investor sentiment, with Brent crude trading near $71 a barrel and U.S. West Texas Intermediate (WTI) crude around $68 a barrel.
Softer oil prices are generally viewed as positive for India, a major crude importer, as they help reduce inflationary pressures and improve the country’s external balance.
Market participants said gains were broad-based, with automobile, fast-moving consumer goods (FMCG) and real estate stocks attracting buying interest. Optimism was also supported by stronger-than-expected June automobile sales reported by several manufacturers.
Global markets presented mixed signals. While Wall Street remained close to record levels, weakness in technology stocks weighed on broader U.S. indices, leading to cautious trading across Asian markets.
Investors also monitored corporate announcements, including updates on fixed deposit interest rates and business expansion plans by several companies, as they assessed the outlook for earnings and economic growth.
Analysts said the near-term direction of domestic equities would continue to depend on global developments, particularly movements in crude oil prices, foreign investment flows and upcoming macroeconomic data. They added that sustained moderation in oil prices could provide further support to Indian equities by easing inflation concerns and improving overall market sentiment.
–ENDS–
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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